Marc Benioff Sells 2,250 Shares of Salesforce Inc. (NYSE:CRM) Stock

Key Points

• Marc Benioff, CEO of Salesforce Inc., sold 2,250 shares of the company's stock on August 8th at an average price of $240.34, totaling approximately $540,765, while retaining over 11.9 million shares valued at about $2.86 billion.
• Salesforce's stock price has decreased 3.3% recently, trading at $232.46, with a market capitalization of $222.23 billion and showing a year-over-year revenue growth of 7.6%.
• Recent analyst ratings have resulted in price target reductions, with BMO Capital Markets adjusting their target from $350 to $335, reflecting concerns about future performance amidst a mixed consensus rating of "Moderate Buy".

Salesforce Inc. (NYSE:CRM - Get Free Report) CEO Marc Benioff sold 2,250 shares of the stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $240.34, for a total transaction of $540,765.00. Following the completion of the sale, the chief executive officer directly owned 11,911,571 shares in the company, valued at approximately $2,862,826,974.14. This trade represents a 0.02% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Marc Benioff also recently made the following trade(s):

• On Wednesday, August 6th, Marc Benioff sold 2,250 shares of Salesforce stock. The shares were sold at an average price of $248.40, for a total transaction of $558,900.00.
• On Monday, August 4th, Marc Benioff sold 2,250 shares of Salesforce stock. The shares were sold at an average price of $252.42, for a total transaction of $567,945.00.
• On Friday, August 1st, Marc Benioff sold 2,250 shares of Salesforce stock. The shares were sold at an average price of $251.94, for a total transaction of $566,865.00.
• On Wednesday, July 30th, Marc Benioff sold 2,250 shares of Salesforce stock. The stock was sold at an average price of $265.77, for a total transaction of $597,982.50.
• On Monday, July 28th, Marc Benioff sold 2,250 shares of Salesforce stock. The stock was sold at an average price of $269.11, for a total transaction of $605,497.50.
• On Friday, July 25th, Marc Benioff sold 2,250 shares of Salesforce stock. The stock was sold at an average price of $269.38, for a total transaction of $606,105.00.
• On Wednesday, July 23rd, Marc Benioff sold 2,250 shares of Salesforce stock. The shares were sold at an average price of $266.56, for a total value of $599,760.00.
• On Monday, July 21st, Marc Benioff sold 2,250 shares of Salesforce stock. The stock was sold at an average price of $262.93, for a total transaction of $591,592.50.
• On Friday, July 18th, Marc Benioff sold 2,250 shares of Salesforce stock. The stock was sold at an average price of $260.92, for a total transaction of $587,070.00.
• On Wednesday, July 16th, Marc Benioff sold 2,250 shares of Salesforce stock. The shares were sold at an average price of $257.02, for a total transaction of $578,295.00.

Salesforce Trading Down 3.3%

NYSE CRM traded down $8.05 on Monday, hitting $232.46. The company's stock had a trading volume of 10,723,629 shares, compared to its average volume of 7,127,815. The firm has a market cap of $222.23 billion, a P/E ratio of 36.38, a PEG ratio of 2.18 and a beta of 1.37. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.14. The company's 50-day simple moving average is $263.47 and its 200 day simple moving average is $278.75. Salesforce Inc. has a 52-week low of $230.00 and a 52-week high of $369.00.

Salesforce (NYSE:CRM - Get Free Report) last posted its quarterly earnings data on Wednesday, May 28th. The CRM provider reported $2.58 earnings per share for the quarter, beating analysts' consensus estimates of $2.55 by $0.03. Salesforce had a return on equity of 12.94% and a net margin of 16.08%. The company had revenue of $9.83 billion during the quarter, compared to analyst estimates of $9.74 billion. During the same quarter last year, the company earned $2.44 EPS. The firm's revenue for the quarter was up 7.6% on a year-over-year basis. Research analysts predict that Salesforce Inc. will post 7.46 EPS for the current fiscal year.

Salesforce Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, July 10th. Shareholders of record on Wednesday, June 18th were issued a dividend of $0.416 per share. The ex-dividend date of this dividend was Wednesday, June 18th. This represents a $1.66 annualized dividend and a yield of 0.7%. Salesforce's payout ratio is currently 25.98%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. BMO Capital Markets reduced their price objective on Salesforce from $350.00 to $335.00 and set an "outperform" rating for the company in a research report on Thursday, July 10th. Canaccord Genuity Group lowered their price target on Salesforce from $400.00 to $350.00 and set a "buy" rating on the stock in a report on Wednesday, May 28th. DA Davidson restated an "underperform" rating and issued a $200.00 price objective on shares of Salesforce in a research note on Wednesday, May 28th. Stephens decreased their price target on shares of Salesforce from $311.00 to $309.00 and set an "equal weight" rating on the stock in a research note on Friday, May 30th. Finally, Westpark Capital reiterated a "buy" rating and set a $320.00 price target on shares of Salesforce in a research note on Wednesday, May 28th. Three analysts have rated the stock with a sell rating, eight have issued a hold rating, twenty-seven have given a buy rating and four have issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $348.16.

Hedge Funds Weigh In On Salesforce

A number of hedge funds have recently modified their holdings of the company. Notis McConarty Edward increased its holdings in shares of Salesforce by 71.6% in the first quarter. Notis McConarty Edward now owns 3,844 shares of the CRM provider's stock worth $1,032,000 after purchasing an additional 1,604 shares during the last quarter. Alecta Tjanstepension Omsesidigt grew its stake in Salesforce by 121.9% in the first quarter. Alecta Tjanstepension Omsesidigt now owns 355,000 shares of the CRM provider's stock worth $95,222,000 after purchasing an additional 195,000 shares in the last quarter. Delaney Dennis R lifted its holdings in Salesforce by 66.1% during the first quarter. Delaney Dennis R now owns 5,694 shares of the CRM provider's stock worth $1,528,000 after buying an additional 2,266 shares during the period. Journey Strategic Wealth LLC lifted its holdings in shares of Salesforce by 34.5% during the 1st quarter. Journey Strategic Wealth LLC now owns 4,948 shares of the CRM provider's stock valued at $1,328,000 after purchasing an additional 1,270 shares during the last quarter. Finally, Mathes Company Inc. grew its stake in shares of Salesforce by 396.9% during the first quarter. Mathes Company Inc. now owns 12,298 shares of the CRM provider's stock worth $3,300,000 after acquiring an additional 9,823 shares during the last quarter. 80.43% of the stock is currently owned by institutional investors.

About Salesforce

Salesforce, Inc provides Customer Relationship Management (CRM) technology that brings companies and customers together worldwide. The company's service includes sales to store data, monitor leads and progress, forecast opportunities, gain insights through analytics and artificial intelligence, and deliver quotes, contracts, and invoices; and service that enables companies to deliver trusted and highly personalized customer support at scale.

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